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Kin Group – GM result, seemingly not long now until the dilution-almost-to-oblivion confetti issuance extraordinaire

By Steve Moore | Monday 13 November 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

A previous announcement from Kin Group (KIN) included “the proposals are in effect now conditional upon the consolidation being approved at the General Meeting to be held on 13 November 2017”. There’s now a “Result of General Meeting” announcement…

This includes that “the resolution… to consolidate 5,000 ordinary shares of 0.0001p each into one new ordinary share (of 0.5p each) was duly passed by shareholders” and that “the company has applied to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM… Completion of the company's proposals including the placing, CVA and the board changes are conditional on the lifting of the suspension in trading of the company's ordinary shares on AIM and admission. Further announcements will be made as appropriate”.

This shouldn’t be long – with the prior announcement including “it is anticipated that the company will apply for admission and the lifting of the suspension from trading of the existing ordinary shares to take place on or around 15 November 2017”. However, further challenges then start.

Firstly, I concluded my prior piece Let the selling begin! - this with there a dilution almost to oblivion confetti issuance extraordinaire and the company already on the clock with regards to a transaction representing a reverse takeover under AIM rules.

The latter is required within six months of the company becoming recognised as a cash shell (it being recognised as such from 30th August 2017) in order to avoid suspension, with listing cancellation after six months suspension. It’s now a case of waiting to see what is delivered, but after the ‘kin nightmare of the recent past and still Chaired by Donald “an idea whose time has come” Stewart, I’m not too optimistic!

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